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Treasury auctions · 30-Year Bond

30-year bond auction of 13 February 2025 (new issue)

The 30-year bond sold $31.868 billion at a high yield of 4.748% on , with a bid-to-cover ratio of 2.33.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 10 Mar 2022 to 13 Feb 2025
High yield at each 30-year bond auction, 9 Mar 2023 to 13 Feb 2025

Bid-to-cover ratio at each 30-year bond auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 30-year bond auction, 10 Mar 2022 to 13 Feb 2025
Bid-to-cover ratio at each 30-year bond auction, 9 Mar 2023 to 13 Feb 2025

Who bought the 30-year bond of 13 Feb 2025

Shares of the competitive bids accepted

  • Indirect bidders 65.1%
  • Direct bidders 18.6%
  • Primary dealers 16.3%
This auction, 13 Feb 2025
  • Indirect bidders 66.6%
  • Direct bidders 20.7%
  • Primary dealers 12.7%
The 30-year bond auction before, 8 Jan 2025

Each point is one 30-year bond auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders65.1%
Inspect and compare dates
High yield and bid-to-cover of the last 36 30-year bond auctions, newest first
AuctionHigh yield, %Bid-to-cover
4.7482.33
4.9132.52
4.5352.39
4.6082.64
4.3892.50
4.0152.38
4.3142.31
4.4052.30
4.4032.49
4.6352.41
4.6712.37
4.3312.47
4.3602.40
4.2292.37
4.3442.43
4.7692.24
4.8372.35
4.3452.46
4.1892.42
3.9102.43
3.9082.52
3.7412.43
3.6612.36
3.8772.35
3.6862.25
3.5852.45
3.5132.25
4.0802.42
3.9302.39
3.5112.42
3.1062.31
3.1152.44
3.1852.35
2.9972.38
2.8152.30
2.3752.46

Observed .

Right now

The high yield was 4.748% on 13 February 2025, down from 4.913% at the auction before.

Higher than 187 of the 192 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the high yield was higher than 21 of the 24.

The bid-to-cover ratio was higher than 4 of them.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 65.1%
  • Direct bidders 18.6%
  • Primary dealers 16.3%

Size

Treasury sold $31.868 billion of the $25 billion offered.

Bids received came to $65.079 billion; the bid-to-cover ratio was 2.33.

Its bid-to-cover of 2.33 compares with the 24 auctions before it: lowest 2.24 on , highest 2.64 on ; 22.5% of the way from the low to the high.

2.33

Low 2.24 Midpoint 2.440 High 2.64

The security30-Year, new issue

Coupon
4.625%
Announced
Issued
Matures

It adds to the debt that matures in February 2055.

Understanding this result

Where it stands today

The high yield was 4.748% at this 30-year bond auction, the median yield 4.680% and a bid-to-cover ratio of 2.33.

What do these figures measure?

The high yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.

Read more

How does it compare with the par yield curve?

The par yield curve comparison sets the high yield against Treasury's own par yield curve on the auction day, at the point nearest this security's maturity (30-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

What these figures cannot tell

  • Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
  • The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
  • Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
  • Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.

The numbers behind the chart

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as30-Year, new issue
Offering amount$25,000,000,000
Bids received$65,078,691,300
Sold$31,867,850,600
Competitive bids accepted$24,956,496,300
Non-competitive bids accepted$43,524,100
Federal Reserve (SOMA) add-on$6,867,830,200
Foreign and international (FIMA) non-competitive$0
High yield, %4.748
Median rate, %4.680
Low rate, %4.630
Interest rate (coupon), %4.625
Bids at the high rate filled, %27.19
Bid-to-cover ratio2.33
Indirect bidders accepted$16,241,317,000
Direct bidders accepted$4,636,400,000
Primary dealers accepted$4,078,779,300
Indirect bidders' share, % (ours)65.1
Direct bidders' share, % (ours)18.6
Primary dealers' share, % (ours)16.3
High minus median, basis points (ours)6.8
Treasury par yield curve, 30-year point, same day, %4.72
High yield minus that point, basis points (ours)2.8
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.332.4010 of 122 of 12
High yield4.7484.4041 of 1211 of 12
Indirect bidders' share65.166.68 of 124 of 12
Direct bidders' share18.618.05 of 127 of 12
Primary dealers' share16.314.62 of 1210 of 12
High minus median, basis points6.85.63 of 129 of 12

The table scrolls sideways; the first column stays in place.

The longer windows

Each measure against earlier 30-year bond auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.33Last 24 auctions20 of 244 of 242.40
Bid-to-cover ratio2.33Since 8 May 2008121 of 19270 of 1922.39
Bid-to-cover ratio2.33All 199 since 8 February 2001122 of 19976 of 1992.38
High yield4.748Last 24 auctions3 of 2421 of 244.344
High yield4.748Since 8 May 20085 of 192187 of 1923.103
High yield4.748All 266 since 1 November 197977 of 266189 of 2663.688
Indirect bidders' share65.1Last 24 auctions18 of 246 of 2467.8
Indirect bidders' share65.1All 192 since 8 May 200846 of 192146 of 19259.8
Direct bidders' share18.6Last 24 auctions11 of 2413 of 2418.2
Direct bidders' share18.6All 192 since 8 May 200843 of 192149 of 19214.7
Primary dealers' share16.3Last 24 auctions4 of 2420 of 2414.3
Primary dealers' share16.3All 192 since 8 May 2008156 of 19236 of 19228.8
High minus median, basis points6.8Last 24 auctions14 of 2410 of 246.9
High minus median, basis points6.8Since 8 May 200858 of 192132 of 1925.7
High minus median, basis points6.8All 266 since 1 November 197959 of 266205 of 2664.7

The table scrolls sideways; the first column stays in place.

When are the figures from, and how are they cited?Dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 13 February 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250213_3.pdf. Compiled by 500metrics, "30-year bond auction of 13 February 2025 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2025-02-13.

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